Delaware Tax-free Correlations

DMUSX Fund

USD 10.98 0.03 0.27%

The current 90-days correlation between Delaware Tax Free and Pnc International Equity is 0.08 (i.e., Significant diversification). The correlation of Delaware Tax-free is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Delaware Tax-free Correlation With Market

Average diversification

The correlation between Delaware Tax Free Usa and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Delaware Tax Free Usa and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Delaware Tax Free Usa. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Delaware Mutual Fund

0.71	IMAAX	Ivy Apollo Multi	Pair Corr
0.76	OCFIX	Optimum Fixed Income	Pair Corr
0.7	OCIEX	Optimum International	Pair Corr
0.63	DMO	Western Asset Mortgage	Pair Corr
0.99	CXHYX	Delaware National High	Pair Corr
0.95	FTNYX	Delaware Tax Free	Pair Corr
0.97	FTORX	First Investors Tax	Pair Corr
0.97	FTOTX	First Investors Tax	Pair Corr
0.73	DLHIX	Delaware Healthcare	Pair Corr
0.73	DLHCX	Delaware Healthcare	Pair Corr
0.73	DLHAX	Delaware Healthcare	Pair Corr
0.76	DLRHX	Delaware Healthcare	Pair Corr
0.72	DLTZX	Delaware Limited Term	Pair Corr
0.73	DLTRX	Delaware Limited Term	Pair Corr
0.98	DMHIX	Delaware Minnesota High	Pair Corr
0.87	DMOCX	Delaware Tax Free	Pair Corr
0.98	DMNIX	Delaware Tax Free	Pair Corr
0.97	DMTFX	Delaware Tax Free	Pair Corr
0.87	VAZIX	Delaware Tax Free	Pair Corr
0.82	IRSAX	Ivy Advantus Real	Pair Corr
0.76	OIFIX	Optimum Fixed Income	Pair Corr
0.69	OIIEX	Optimum International	Pair Corr
0.99	VCTFX	Delaware Tax Free	Pair Corr
0.8	DPCFX	Delaware Diversified	Pair Corr
0.8	DPDFX	Delaware Diversified	Pair Corr
0.78	DPFFX	Delaware Diversified	Pair Corr

Moving against Delaware Mutual Fund

0.33	OASGX	Optimum Small Mid	Pair Corr
0.33	WSGAX	Ivy Small Cap	Pair Corr
0.33	OCSGX	Optimum Small Mid	Pair Corr
0.33	OISGX	Optimum Small Mid	Pair Corr

Related Correlations Analysis

	PEIRX	TOIIX	TRWIX	PMIEX	ARTNX	DHGCX	PWITX	RBCIX
PEIRX		0.58	0.6	1.0	0.52	0.6	0.61	0.61	PEIRX
TOIIX	0.58		0.98	0.56	0.68	0.69	0.99	0.95	TOIIX
TRWIX	0.6	0.98		0.59	0.77	0.73	1.0	0.94	TRWIX
PMIEX	1.0	0.56	0.59		0.51	0.6	0.6	0.6	PMIEX
ARTNX	0.52	0.68	0.77	0.51		0.66	0.75	0.65	ARTNX
DHGCX	0.6	0.69	0.73	0.6	0.66		0.75	0.72	DHGCX
PWITX	0.61	0.99	1.0	0.6	0.75	0.75		0.94	PWITX
RBCIX	0.61	0.95	0.94	0.6	0.65	0.72	0.94		RBCIX
	PEIRX	TOIIX	TRWIX	PMIEX	ARTNX	DHGCX	PWITX	RBCIX

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Risk-Adjusted Indicators

There is a big difference between Delaware Mutual Fund performing well and Delaware Tax-free Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Delaware Tax-free's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PEIRX	0.81	(0.06)	0.00	(0.17)	0.00	0.00	1.57	(1.66)	9.14
TOIIX	0.65	0.21	0.26	0.39	0.59	(0.72)	1.51	(1.47)	5.44
TRWIX	0.72	0.15	0.13	0.21	0.92	(0.69)	1.99	(1.76)	5.45
PMIEX	0.81	(0.06)	0.00	(0.18)	0.00	0.00	1.56	(1.68)	9.24
ARTNX	0.64	0.03	0.07	(0.24)	0.84	(0.68)	1.23	(1.48)	3.96
DHGCX	0.17	(0.01)	0.12	0.35	0.21	(0.22)	0.36	(0.36)	1.46
PWITX	0.61	0.13	0.16	0.24	0.68	(0.62)	1.52	(1.06)	4.93
RBCIX	1.30	0.23	0.16	1.08	1.31	(1.52)	2.72	(2.64)	7.76

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